新华财经北京5月23日电四大证券报内容精华摘要如下： 中国证券报 ·连续两周加仓百亿级私募带头冲锋 在经历4月上旬的减仓后，股票私募机构对当前市场逐渐形成共识，仓位指数在75%上方逐渐稳定下 来。值得注意的是，百亿级私募仓位指数连续两周上涨，并且时隔五周后再次突破80%大关。此外，私 募机构也在通过定增等方式，积极参与A股市场投资。展望后市，机构普遍认为，中国资产重估叙事逻 辑在继续加强，以科技创新突破为代表的新经济领域已经展现出蓬勃生机。 ·金价再起波澜资金进场抢筹相关ETF 伴随着国际金价重返每盎司3300美元关口，市场对黄金相关资产的关注度再度升温。5月22日，多只黄 金ETF再度收涨，近一周涨幅已超过5%。值得注意的是，5月21日黄金ETF行情已显著回暖，部分资金 已经进场抢筹，有ETF单日获净流入超过1亿元。多家公募机构认为，避险资金对黄金仍有需求，看好 黄金相关资产中长期配置价值，但该类资产的短期波动可能增大。 ·基金"专业买手"别出心裁一键"打包"ETF渐成新风尚 随着ETF产品供给日益丰富，投资者如何根据自身的投资需求选择合适的ETF产品，成为行业亟待解决 的问题。今年以来，包括中欧基金、平安 ...

两轮电动车行业丨 研究报告 核心摘要： 2025年中国两轮电动车行业在新国标《电动自行车安全技术规范（GB 17761—2024）》的推动下，正经历技 术升级与市场格局重塑。新国标通过提高产品安全准入门槛（如电池管理系统、唯一性编码等），加速了行 业向智能化、高端化方向发展，北斗定位、通信及动态安全检测等技术逐渐成为标配。 市场现状： 2024年行业销量约5000万台，受新国标全面落地及消费需求变化影响，市场短暂回调。预计2025年随着新国 标政策红利释放及以旧换新补贴推动，销量将回升至5200万台，但增速受消费降级趋势制约。 品牌竞争： 价格区间分化： 4000元以下市场由传统品牌雅迪、爱玛主导；4000元以上高端市场由九号领跑，连续两年销 量第一。 智能化赛道： 九号凭借全系智能化功能（如远程解锁、 APP互联等）稳居智能电动车销量榜首，雅迪、爱玛 紧随其后，小牛、绿源等品牌位列第三梯队。 资本表现：截至 2025年4月，九号以429亿元市值居上市公司首位，雅迪（421.9亿元）紧随其后，行业集中 度进一步提升。 产业链： 电池技术：锂电池因高能量密度快速崛起，逐步替代铅酸电池，钠离子电池技术尚待产业化突 ...

小牛公司 20250521 摘要 2025 年一季度，小牛电动中国区门店增至 4,119 家，净增约 400 家， 总营收 6.82 亿元，同比增长 35%，中国区收入占比 89%，海外市场收 入 7,400 万元。预计二季度营收同比增长 40%-50%，达 13-14 亿元。 中国区整车收入同比增长 39%至 5.46 亿元，但 ASP 同比下降 16%至 2,985 元，主要因高端铅酸车型销量增长。预计二季度 ASP 将回升，新 品如 NX Pro、FX Pro 定价在 4,700 元以上将拉动均价。 海外整车收入同比增长 22%至 6,000 万元，ASP 从 2,577 元提升至 2,962 元，得益于高价电摩产品销量增加。一季度电摩销量达 1,500 台， 接近去年全年一半，预计全年销量增长近 5 倍至 15,000 台。 一季度毛利润 1.18 亿元，毛利率 17.3%，同比下降 1.6 个百分点，但 环比提升 4.9 个百分点。中国区业务对毛利有正向推动，海外滑板车业 务受关税和海运费影响，拖累毛利。 一季度营运费用 1.65 亿元，费用率从去年同期的 33%降至 24%，销售 费用占比下降。净 ...

家电 -行业及公司近况交流 20250521 摘要 吉禾通过一级合伙人模式迅速扩张渠道，一季度门店数量增长迅速，预 计年底可达成 2000 家目标。经销商主要来自两轮车行业，包括传统品 牌如雅马哈及二线品牌，他们看好智能电动车发展潜力。 吉禾的渠道策略允许经销商兼营传统和智能化品牌，受益于小牛战略失 误和 9 号的快速发展，经销商意识到智能电动车的潜力，愿意加盟吉禾 以抓住品牌红利。 吉禾在产品策略上，MO 车型市场反馈不佳，A4 升级款中高配接受度较 高但缺货，25 款 A14 上市影响了 24 款 A14 的销售。公司通过不断投 入研发和新建工厂来丰富产品线，预计推出 4-5 款新产品。 吉禾通过与供应商谈判确保供应链稳定，并利用增加的产量作为筹码来 压缩集采成本，以应对阶段性的产品和产能问题。供应商大会主要讨论 了成本控制与供应保障。 吉禾的经销商政策具有竞争力，全额支持装修并提供房租补贴，终端毛 利高于 9 号和小牛。但由于产能不足，二级加盟门店的利润空间不高。 新势力品牌竞争激烈，吉禾、9 号和小牛在产品力、骑行舒适度和性价 比上各有优势。9 号通过升级配置和稳定价格来应对集合带来的竞争。 新国标政 ...

Group 1 - The core issue for NIU Technologies is its struggle to convert revenue growth into profitability, as evidenced by a net loss of 38.84 million RMB in Q1 2025 despite a revenue increase of 35.1% to 682 million RMB [2][4] - The electric two-wheeler industry is experiencing a recovery driven by the "old-for-new" policy, which has positively impacted the financial performance of various companies, including NIU [3][6] - NIU's revenue growth is notable, with Q1 2025 sales volume reaching 203,000 units, a year-on-year increase of over 50%, but the average revenue per unit has declined significantly [6][7] Group 2 - The company's gross margin has decreased to 17.3%, down 1.6 percentage points year-on-year, indicating ongoing challenges in maintaining profitability [2][4] - Despite the positive revenue trends, NIU's stock price fell by over 12% following the earnings report, reflecting investor skepticism about the company's ability to achieve sustainable profitability [2][8] - The competitive landscape is shifting, with NIU needing to decide between pursuing a high-end product strategy or adopting a volume-driven approach to attract a broader consumer base [9]

华夏时报（www.chinatimes.net.cn）记者 卢晓 北京报道 以平衡车起家的九号公司，正在竞争激烈的两轮电动车市场持续发力。 5月16日，本报记者实探九号公司位于常州的电动工厂。从零部件组装到最终整车下线，该工厂平均每小时可生产 140台两轮电动车。而就在前一天，这家聚焦于智能短交通和服务机器人领域的科技企业，第700万台智能两轮电 动车正式下线，其创始人兼董事长高禄峰等高管也在5月15日接受了《华夏时报》等媒体记者的采访，谈及了对公 司未来的规划以及对行业发展的思考。 两轮电动车仍是"大年" "能够预期的是，今年还是一个大年。"高禄峰当天在谈及公司的两轮电动车业务时这样说道。一个缩影是，从今 年3月10日宣布第600万台辆智能两轮电动车出货，到第700万台智能两轮电动车下线，九号公司只用了约两个月时 间。 据本报记者了解，九号公司位于常州的电动工厂成立于2019年12月，负责智能两轮电动车产品的研发生产，整个 厂区建筑面积58万平方米，目前A期、B期厂房已经投产，年产能可达250万台，C期厂房在建设中，届时公司电 动车工厂整体年产能可以达到500万台。 此外，公开资料还显示，今年3月位于珠海市 ...

Summary of NIU's Q1 2025 Earnings Call Company Overview - **Company**: NIU Technologies - **Industry**: Electric Two-Wheelers Key Financial Metrics - **Sales Volume**: Achieved 203,000 units in Q1 2025, a 57.4% year-over-year increase [2][3][17] - **Revenue**: Increased by 35% year-over-year to RMB 682 million [2][3][17] - **Gross Margin**: Rebounded to 17.3%, a 4.9% increase attributed to cost reductions [2][3][21] Market Performance - **China Market**: Sales volume increased by 66% year-over-year, contributing significantly to overall performance [2][3][17] - **Overseas Markets**: Sales volume reached 20,000 units, a threefold increase, driven by direct distribution in Germany, Italy, and France [2][14][17] Product Strategy - **Product Enhancements**: Focused on upgrading existing products and expanding the electric motorcycle range with models like NQi, NL series, and FX series [2][4] - **New Launches**: Key products included NX Pro (RMB 9,999), NL smart electric motorcycle (RMB 4,799), and FX Pro, targeting younger demographics [2][5][6] - **M Series Performance**: Models targeting female users accounted for 32% of sales in Q1 2025 [2][9] Technological Advancements - **Smart Technologies**: Introduced features like dual-channel ABS and AI Smart control systems in new models [11][7] - **Safety Innovations**: Partnered with Gaode Maps for a dynamic safety warning system [11] Marketing and Sales Channels - **Marketing Campaigns**: Launched NX Pro through a partnership with Peacekeeper Elite, generating over 2.4 billion views [12] - **Channel Expansion**: Opened approximately 384 new stores, focusing on tier-three and tier-four cities [13] Gross Profit and Operating Expenses - **Gross Profit**: Exceeded RMB 118 million, with a gross margin improvement due to cost reduction initiatives [21] - **Operating Expenses**: Remained flat at RMB 165 million, with a significant decrease in the operating expense ratio from 32.7% to 24.2% [23] Future Outlook - **Q2 2025 Revenue Guidance**: Expected to be between RMB 1.3 billion to 1.4 billion, a 40%-50% year-over-year increase [25] - **Annual Volume and Margin Outlook**: Anticipating a positive net profit in Q2 and an improvement in gross margin from 15% [25][26] Challenges and Risks - **Tariff Impacts**: Facing challenges in the US market due to tariffs, but optimistic about growth in electric motorcycles and micro mobility products [29][30] - **Inventory Management**: Focus on clearing outdated inventories in Europe impacting growth margins [16] Conclusion NIU Technologies demonstrated strong growth in Q1 2025, driven by robust sales in the China market and strategic product launches. The company is well-positioned for future growth, with a focus on technological advancements and expanding its market presence, despite facing challenges related to tariffs and inventory management.

Financial Data and Key Metrics Changes - Total sales volume for Q1 2025 reached 203,000 units, representing a 57.4% year-over-year growth [7] - Total revenue for Q1 was RMB 682 million, reflecting a 35% increase compared to the same period last year [8] - Gross margin improved to 17.3%, a 4.9% year-over-year increase, driven by cost reductions and procurement improvements [8][33] - The net loss for Q1 was RMB 39 million, with a net loss margin of 5.7%, an improvement from a net loss of RMB 55 million in the same period last year [37] Business Line Data and Key Metrics Changes - In China, sales volume reached 183,000 units, with a 66% year-over-year increase [7] - Overseas sales volume was 20,000 units, with a 6.4% year-over-year growth [7] - Revenue from scooters in China was RMB 46 million, a 39% year-over-year increase, despite a decrease in average selling price (ASP) [31] Market Data and Key Metrics Changes - The overseas market saw a significant increase in electric two-wheeler sales, achieving over 3x growth due to direct distribution operations in key countries [21] - The ASP for overseas scooters rose from RMB 2,577 to RMB 2,962, driven by stronger demand for electric motorcycles and mopeds [33] - The micromobility market underperformed in Q1, with flat volume growth attributed to tariff issues in the U.S. and inventory challenges in Europe [23] Company Strategy and Development Direction - The company is focusing on expanding its product portfolio, particularly in the N, N, U, and F series, to enhance brand recognition among premium consumers and Gen Z [26] - A strategic emphasis on standardizing key product platforms has shown progress, enhancing R&D processes and reducing costs [17] - The company plans to open an additional 300 to 400 stores in Q2 to drive sales growth and improve distribution networks [27] Management's Comments on Operating Environment and Future Outlook - Management remains optimistic about the China market in Q2 2025, building on strong product channel development and brand momentum [25] - The company anticipates a steady growth in the overseas market and a turnaround in profitability for the year [28] - Management expects the second quarter revenue to be in the range of RMB 1.3 billion to RMB 1.4 billion, representing a 40% to 50% year-over-year increase [38] Other Important Information - The company launched several new electric motorcycle models, including the NX Pro and NL, which have received positive market reception [12][13] - A partnership with ScaldoMaps has led to the development of a dynamic safety warning system, enhancing driving safety features [17] - The company has expanded its retail footprint by opening 384 new stores in Q1, focusing on tier three and tier four cities [19] Q&A Session Summary Question: Sales volume guidance for 2025 - Management confirmed that the guidance for 30% to 50% year-on-year growth in sales volume remains unchanged [41] Question: Margin outlook for upcoming quarters - Management expects gross margin to recover from last year's levels, with a positive outlook for net profit in Q2 [42] Question: Average selling price (ASP) changes - ASP decreased due to the launch of new models, but is expected to stabilize and recover in subsequent quarters [48][50] Question: Cash position outlook - Management anticipates an improvement in cash position by the end of the year, starting from Q2 due to increased sales volume [56][58] Question: Overseas business growth despite tariffs - Management maintains a positive outlook for electric motorcycle sales growth, while expecting moderate growth in the micromobility segment [60][64]